article thumbnail

The fundamentals of IFRS 16

Future CFO

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 16, Leases. The post The fundamentals of IFRS 16 appeared first on FutureCFO.

IFRS 82
article thumbnail

The fundamentals of IFRS 5

Future CFO

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 5, 'Non-Current Assets Held for Sale and Discontinued Operations'. The post The fundamentals of IFRS 5 appeared first on FutureCFO.

IFRS 83
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The fundamentals of IFRS 8

Future CFO

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 8, Operating Segments. The post The fundamentals of IFRS 8 appeared first on FutureCFO.

IFRS 52
article thumbnail

The fundamentals of IFRS 2

Future CFO

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 2, “Share-based Payment”, in this short video. The post The fundamentals of IFRS 2 appeared first on FutureCFO. Finance Accounting and Reporting Operations Resources Videos/Tutorials ACCA IFRS 2

IFRS 40
article thumbnail

IFRS 9 models in financial instruments and impairment regulations: The new reality and lessons learned

McKinsey

Banks need to evolve International Financial Reporting Standard (IFRS) 9 models quickly—and those that get it right will have more than just a competitive advantage. Risk & Resilience Insights Banking Banking risk management Financial regulation

IFRS 74
article thumbnail

How to Build Shareholder Trust with Reliable Financial Reports

Planful

In an ideal world, financial reports should build shareholder trust by offering accurate data about the performance of the company. In reality, a company’s financial report can be more flimsy—involving estimates and judgment from leadership that’s far from the truth. Valuations are a classic example of hole-filled financial reporting. Create Detailed, Transparent Reports. Go beyond the required level of detail in financial statements.

article thumbnail

Global IFRS IBOR reform: Phase 2 Classification and Measurement issues

Future CFO

At its October 2019 meeting, the IASB made progress in phase two of its project to amend IFRS in response to the financial reporting challenges posed by IBOR reform. The post Global IFRS IBOR reform: Phase 2 Classification and Measurement issues appeared first on FutureCFO. Finance Accounting and Reporting Operations Videos/Tutorials

IFRS 40
article thumbnail

IFRS 17: South Korean insurer implements a computing platform for compliance

Future CFO

South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financial reporting compliance, said AON recently. Accurately analysing financial effects and establishing strategies under the new regulations requires a lot of computations. The entire financial statement generation process, including the financial statement movement analysis, can be completed in just 36 hours, the professional services firm added.

IFRS 40
article thumbnail

Next Steps in Optimizing Lease Management to Go Beyond Compliance

Bramasol

In 2018, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the release of new accounting standards, ASC 842 and IFRS 16, that redefined how organizations must account for leases.

IFRS 67
article thumbnail

The Evolution of Accounting Education

SF Magazine

As an undergraduate student taking an intermediate accounting course, I recall our book publisher rushing to provide a supplement on International Financial Reporting Standards (IFRS), as the speculation was that by the following fall, the United States was going to converge to IFRS.

article thumbnail

Sustainability standards: SMEs’ needs must be taken into account

Future CFO

The ISSB, formed by the International Financial Reporting Standards ( IFRS ) Foundation after last year’s UN climate change conference, COP26, published two exposure drafts (EDs) in March 2022 for comment — one on general requirements and a second on climate disclosures.

IFRS 52
article thumbnail

IBM Cognos Controller: Financial close management managed by the office of finance

Future CFO

Finance organizations regularly face the challenges of meeting strict deadlines and satisfying data quality requirements for closing the books and delivering accurate financial statements. It enables finance teams to automate and accelerate the financial close with minimal IT support.

IFRS 52
article thumbnail

How to Comply with Accounting Standards for Nonprofits

The Charity CFO

In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB). GAAP’s main objective is to ensure that all financial information is reported accurately, consistently, and transparently.

article thumbnail

Standards for Carbon Accounting are Beginning to Take Shape

Bramasol

The SEC summary of the proposed regulation states that the rule amendments would require a domestic or foreign registrant to include certain climate-related information in its registration statements and periodic reports, such as on Form 10-K, including: ?

SAP 64
article thumbnail

California CPAs Call For Crypto Accounting Clarity

PYMNTS

Reports in The Block Crypto late last week said a group of California CPAs has sent a letter to the Financial Accounting Standards Board, a federal board that sets Generally Accepted Accounting Principles (GAAP), requesting that it consider establishing a task force to address a lack of clarity in cryptocurrency accounting standards. Reports noted that Facebook is expected to introduce its own stablecoin with an array of global currencies.

IFRS 47
article thumbnail

Why Should Finance Teams Care About ESG Reporting?

The Finance Weekly

In the last 12 months, there has been a growing buzz in the market about environmental, social, and governance (ESG) reporting. Based on this inertia, there is a clear driver for companies to adopt robust sustainability and ESG strategies with transparent stakeholder reporting.

IFRS 52
article thumbnail

34 Competencies required to become a CFO(SA)

CFO Talks

The Steward must ensure company compliance with financial reporting and control requirements. Accounting knowledge (IFRS and taxation). External financial and regulatory reporting knowledge.

IFRS 52
article thumbnail

Balance Sheet vs. Profit and Loss Statement (P&L)

CFO News Room

The balance sheet and the profit and loss (P&L) statement are two of the three financial statements companies issue regularly. The third financial statement is called the cash-flow statement. This is an internal report that stays in the accounting department.

article thumbnail

Mapping Out Successful FP&A Management In the Face of Adversity

The Finance Weekly

Effective practices in this indispensable aspect of business can be defined by 4 categories; personal leadership, technological leadership, operational understanding, financial competency and strategic capacity. Financial Acumen.

Finance 52
article thumbnail

Closing The Books, With An Eye On Process And Automation

PYMNTS

A key part of business life is getting the books closed on time, with clean financial reporting that allows a high-level and granular view of what needs to be done next. This is especially true when multinationals must reconcile data across different accounting standards, such as GAAP and IFRS. Yet, in this most crucial of processes, inefficiencies exist, so much so that timeliness lags.

IFRS 63
article thumbnail

Making the Business Case for Cloud-Based Planning and Reporting

Planful

Are you wondering how best to make the business case to your company for investing in a cloud-based planning or reporting solution? Reducing Reliance on Spreadsheets for Budgeting, Planning, and Reporting. Despite all of the news in the market about the high percentage of errors in spreadsheets (88% according to a University of Hawaii study) and the challenges of using spreadsheets for budgeting, planning, and reporting – many organizations continue to struggle with the tool.

article thumbnail

When more (data) leads to less (information)!

CFO News Room

In the last few decades, as disclosure requirements for publicly traded firms have increased, annual reports and regulatory filings have become heftier. Redundant words: Number of words in sentence repeated verbatim in other portions of report.

GAAP 130
article thumbnail

The most and least complex jurisdictions for financial compliance in APAC

Future CFO

China is the most complex jurisdiction for financial compliance in Asia Pacific while Hong Kong is the easiest, said TMF Group recently. China’s financial environment is the region’s most complex, followed by Vietnam, South Korea, Malaysia and Indonesia, according to TMF Group’s report titled Accounting & tax: The global and local complexities holding multinationals to account. Report highlights.

article thumbnail

What is the Financial Consolidation Process in the Accounting World?

Planful

Financial Consolidation in the Accounting World. But in the accounting world, “financial consolidation” is a well-defined process that includes several complexities and accounting principles. Consolidating the data following specific financial accounting rules and guidelines, such as U.S. GAAP or International Financial Reporting Standards (IFRS). Reporting results to internal and external stakeholders.

article thumbnail

Disclosure Dilemma: When more (data) leads to less (information)!

Musings on Markets

In the last few decades, as disclosure requirements for publicly traded firms have increased, annual reports and regulatory filings have become heftier. With young companies, they may even prefer to use user or subscriber counts over any numbers on the financial statements.

article thumbnail

Moving Financial Consolidation and Reporting to the Cloud – Webinar Recap

Planful

If the latter is the case, Planful recently held a webinar focused on how you can automate and accelerate the financial close, consolidation, and reporting process and free up more Finance time for value-added analysis. Financial Close, Consolidation, and Reporting – Who Cares? The financial close, consolidation, and reporting process is an important part of the overall enterprise performance management (EPM) cycle in organizations.

article thumbnail

10 Best FP&A Software Tools: A Comprehensive Buyer’s Guide [2023]

Onplan

Finance professionals and teams today have numerous solutions available to help them plan, budget, forecast, and analyze financial information. In this buyer’s guide to the best FP&A software, we’ll provide an overview of the top financial planning and analysis tools to consider.

article thumbnail

166: Nicolaas van Wyk

CFO Talks

SAIBA’s CEO, Nicolaas van Wyk, provides interesting feedback from the recent CFO World Congress in Mexico, how developments at COP26 will soon change a CFO’s reporting obligations, and the trends for CFOs going into 2022. Today’s podcast is sponsored by Draftworx, which provides automated drafting and working paper financial software to more than 8000 accounting and auditing firms and corporations. The driver of that reporting will obviously be the CFO.

CFO 40